LANSING— Legislation that would aid in keeping more law enforcement officers on the streets and enable fire departments to increase efficiency in response in the city of Lansing is on the governor’s desk and awaiting his signature, said sponsor state Sen. Rick Jones.
“As a police officer it was my sworn duty to serve and protect,” said Jones, R-Grand Ledge. “When Lansing Mayor Virg Bernero presented an idea to me for keeping police and firefighters on the ground, I knew we had to act. As an example of bipartisan cooperation, myself and co-sponsor Senate Minority Leader Gretchen Whitmer joined together to keep Lansing streets and residents safe”
Senate Bills 629 and 630 would allow the city of Lansing’s Building Bond Authority Act and the Tax Increment Financing Authority Act (TIFA) to extend the date of refund for bonds issued. These laws were created with the purpose of promoting economic development, redevelopment and neighborhood revitalization by providing financing for the construction of buildings, parking lots, and recreational facilities, and acquiring the land necessary for such construction.
“By expanding the date of refund of these bonds, it will save $1.5 million out of the city of Lansing’s General Fund and allow those funds to be used for public safety,” Jones said.
The city will have to repay all that is owed from the bonds. However, Lansing’s TIFA district is experiencing a decline in the original projected tax capture.
“This legislation acts as a refinancing possibility, in that repayment will stay on the same timeline, just at a lower interest rate,” added Jones.